The Eni-Neftegaz company, reportedly an affiliate of Italy's Eni SpA, won an auction Wednesday for an array of assets of the bankrupt Russian oil giant Yukos, including a 20 percent stake of the oil division of state-controlled gas monopoly Gazprom.

The European Union has said diversifying energy supplies and transit routes is one of its most urgent priorities. However, analysts say the EU needs to act fast if it wants to secure direct access to Central Asian oil and gas -- and warn that Russia is purposely attempting to undermine some of the EU's key initiatives.

Oil prices continued to soar on Friday as the political standoff between Britain and Iran over the detainment of 15 marines and sailors hardened, raising fears of interruptions to the oil supply through Iran.

Penn West Energy Trust announced that it has filed with Canadian securities regulatory authorities its audited consolidated financial statements and accompanying notes for the year ended December 31, 2006 and related Management's Discussion and Analysis.

Three meetings. Three cities. One goal: making Europe less dependent on Russian energy. On March 22, Azerbaijan's foreign minister was in Washington, Georgia's prime minister was in Turkmenistan's capital Ashgabat, and a major energy conference opened in the Georgian capital Tbilisi.

Oil prices rose Friday as Asian traders reacted to signs that U.S. refineries have begun to increase production and other positive market signs.

Azerbaijan says it is seeking political support from the United States to help it build new natural-gas export pipelines to Europe. Officials in Baku say Azerbaijani Foreign Minister Elmar Mammadyarov and U.S. Secretary of State Condoleezza Rice are set to sign a memorandum of understanding on energy cooperation on March 22 in Washington.

Speculation over the possible formation of a "gas OPEC" is on the rise as a meeting of top gas-exporting countries approaches. The Russian daily "Kommersant" reported on March 19 that an agreement on forming such a cartel was reached last week. The consortium reportedly will initially include Russia, Iran, Qatar, Venezuela, and Algeria -- which together account for nearly 70 percent of the world's reserves of natural gas.

President Mahmoud Ahmadinejad and president of Armenia, Robert Kocharyan, officially inaugurated a newly constructed pipeline that will transfer Iranian natural gas to Armenia.